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“The Big Oil Scandal Is Actually A Huge Lie”: Why There Are So Many Lies About the Big Oil Industry

“This is not a story about the oil spill, but about the massive lie about how oil prices work.”

– John Podhoretz, The New Yorker “The big oil industry is, in effect, a cartel.”

– Robert Rubin, Chairman of the Federal Reserve Bank of New York “Oil prices, like everything else in life, is an abstract, arbitrary, and highly imperfect concept.

And this cartel is a cartel.

It’s like the oil market in an auction.

There’s no one who can make the right move.”

– James A. Loewenstein, Senior Economist, Bloomberg Intelligence “I can only speak from personal experience.

When I was in the oil business I would tell my staff to not be too worried.

The biggest danger is that a lot of the staff will forget to be careful.”

– Jeffery Klassen, Former Director of Operations, U.S. Energy Information Administration “The truth is, the oil industry, like the rest of the economy, is rigged.”

– Glenn Hubbard, former senior economist at the Energy Information Agency “The idea that oil prices were manipulated is ridiculous.

The truth is the opposite.

The price of oil is a perfectly neutral, stable and predictable market value.

There are people who buy oil, and there are people that sell oil.

I have never heard anyone who thinks that they should be able to manipulate the market price.”

– Jeffrey Sachs, former Secretary of the Treasury, Columbia University School of International and Public Affairs, University of Chicago”Oil companies are not responsible for their own futures.

There is no government that could tell them what to do with their money.”

– Mark Zandi, chief economist, Moody’s Analytics “It is the people who have invested in the fossil fuel industry that are the ones who are making the big decisions about our economy.”

– Andrew Steer, chief executive officer of energy firm FirstEnergySource: Bloomberg News